Delhivery Limited (DELHIVERY) Q2 FY27 Financial Results: PAT ₹319.06 Cr & Revenue ₹30,448.43 Cr(5 announcements)

Investor Takeaways

Overall Tone: Neutral

Key Financial Highlights

What Changed

The filing reports Q1 FY2026 total income of ₹30,448.43 Cr and profit before tax of ₹781.99 million. It confirms the completion of the Ecom Express acquisition, finalizing 99.87% stake by December 10, 2025. Re-appointments of Sahil Barua and Kapil Bharati ensure leadership continuity. A ₹50 crore investment in Delhivery Financial Services Private Limited was disclosed. Exceptional items related to labor law changes impacted earnings by ₹15 million in Q3 FY26. Quarterly trend data shows revenue growth from ₹2,075.54 Cr in Q4 FY24 to ₹2,378.3 Cr in Q3 FY25, with profit turning positive from a loss of [amount context mismatch] Cr in Q4 FY24 to ₹24.99 Cr in Q3 FY25.

Peer Comparison

Delhivery's P/E ratio of 1640.52 significantly exceeds peers' ratios of 30.83 and 27.38, indicating market expectations of high future growth or elevated valuation concerns.

Risks & Concerns

Quarterly Trend

Investor Takeaways

Overall Tone: Neutral

Key Financial Highlights

What Changed

Delhivery reported consolidated revenue of ₹29,307.30 crores for Q1 FY2026, reflecting growth from the previous quarter's ₹28,461.69 crores. Profit after tax rose to ₹319.06 crores. The Board reappointed Sahil Barua as MD & CEO and Kapil Bharati as CTO for five-year terms, ensuring leadership continuity. A ₹50 crore investment in Delhivery Financial Services was approved to support strategic expansion. Additionally, the acquisition of Ecom Express was executed with a ₹13,696.36 crore purchase consideration. Auditor Deloitte confirmed compliance with accounting standards. The company also disclosed labor code impacts and stock option activities during the quarter.

Peer Comparison

Delhivery's P/E ratio of 1640.52 is significantly higher than Adani Ports' 30.83, indicating market expectations of future growth or elevated risk relative to peers.

Risks & Concerns

Quarterly Trend

The reported Q1 FY2026 revenue of ₹29,307.30 crores appears inconsistent with the quarterly trend data, which shows much lower revenue figures (in the range of ₹2,000–2,300 crores). This discrepancy suggests a potential scale mismatch — either the trend data reflects a different business segment or reporting unit, or the Q1 FY2026 figure may represent consolidated full-quarter revenue at a different scale. No clarification was provided in the filing. Therefore, direct comparison using these figures is not valid without further context.

CRITICAL: The Quarterly Trend section was included because quarterly data was provided. However, the values in the trend do not align with the Q1 FY2026 revenue figure of ₹29,307.30 crores. The trend data appears to reflect smaller-scale operations or a different reporting scope. As such, the trend cannot be reliably interpreted in conjunction with the main filing figures. No inference can be made about growth trajectory due to this inconsistency.

Investor Takeaways

Overall Tone: Neutral

Key Financial Highlights

What Changed

Delhivery reported Q1FY27 revenue of ₹2,931 Cr, up 27.8% YoY, reflecting strong volume growth across both express and PTL freight segments. Express shipments grew 55.2% YoY to 322 million, while PTL freight increased 18.4% YoY to 542K MT. PAT was ₹62 Cr, with reported EBITDA at ₹156 Cr (5.3% margin) and adjusted EBITDA at ₹76 Cr (2.6% margin). The company emphasized sustained volume momentum, margin resilience despite cost pressures, and continued investment in automation, technology, and new initiatives including Delhivery Maps and electric vehicles. Capex was maintained at 3.1% of revenue. Cash balance of ₹4,677 Cr provides financial flexibility. The filing underscores confidence in FY27 growth targets, with Express volume growth expected at 20-30% YoY and overall volume growth targeted at 18-22% for the fiscal year.

Peer Comparison

Delhivery’s P/E ratio is significantly higher than Adani Ports, reflecting market expectations of future growth despite current profitability levels.

Risks & Concerns

Quarterly Trend

Investor Takeaways

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

What Changed

Delhivery reported Q1FY27 revenue of ₹2,931 crores, reflecting a 28% year-on-year increase. This growth was driven by 55% expansion in express parcel volumes and 18% growth in PTL freight. EBITDA stood at ₹156 crores with a margin of 5.3%, up from previous quarters. Consolidated profit after tax was ₹32 crores. The company's cash position strengthened to ₹4,677 crores as of quarter-end. New initiatives including SmartNDR, ASRS automation, Delhivery Maps, Vishram rest stops, and Abhayam welfare program were launched to enhance service offerings and worker support. The earnings call was scheduled for 6:00 PM IST on August 8, 2026.

Peer Comparison

Delhivery's P/E ratio of 1640.52 is significantly higher than Adani Ports' 30.83, indicating a more expensive valuation relative to this peer.

Risks & Concerns

Quarterly Trend

About Delhivery Limited (DELHIVERY)

Services · Transport Services · Listed on NSE

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